The ethics behind repossession

newbie_emma

You can actively find repos at auction. Some are advertised through ea's like normal houses. This is how we found this repo - our estate agent had it listed, it's in a nice area that I couldn't usually afford so got suspicious and thought I would view it. Got inside and saw it was empty and that anything of any value had been removed. All services had been cut off with do not use stickers on them. I asked the agent if it was a repo, they didn't really want to say so it obviously was. We put an offer in close to the asking price and were then told it was a commercial vendor and we had 28 days to complete.
We didn't search around for a repo but its just the way it's worked out.

I agree that some people who are financially irresponsible deserve it more than someone who's just had bad fortune, they're the ones I would feel sorry for.

Guess I'll never know which one it was though!

AdrianC

Dird wrote: »

Either there's no repos in the West Midlands or I don't see it

http://www.rightmove.co.uk/property-for-sale/property-32058305.html
First result for a google search for Rightmove "West Midlands" "Offer Received"

Red-Squirrel_2

Dird wrote: »

Either there's no repos in the West Midlands or I don't see it

Look for empty properties where the toilet lid is taped down and there are stickers on all the appliances!

silvercar

I look at a repo and imagine the upset that the previous owners have gone through, the worry over debt, the desperate attempts to keep hold of their home and the trauma of having to unwillingly move. Doesn't give out nice vibes for the next owners.

Red-Squirrel_2

silvercar wrote: »

I look at a repo and imagine the upset that the previous owners have gone through, the worry over debt, the desperate attempts to keep hold of their home and the trauma of having to unwillingly move. Doesn't give out nice vibes for the next owners.

Somebody will live there though, repos can't be demolished because they have 'bad vibes'!

moneyistooshorttomention

Innys1 wrote: »

They aren't hard to find - look on Rightmove and repos are listed under the description tab

There is certainly at least one whole (small) town in Wales where I was going through their RightMove listings recently and was quite shocked to find what a high proportion of those listings featured repossessed houses. I was left thinking "Now what WAS the name of that Welsh former mining community I had some involvement with back in the era of the miners strike - and I think that might have been it....:(". I do hope that it isn't non-personal forces that have caused such a huge number of repossessions in that particular place....

I do recall that, visiting that particular little town, ie during that Strike was one heck of a culture shock situation all round and we were all astonished at how low the prices were back then of the houses in that area. I was personally astonished at my age being judged as a whole generation younger than I actually was:eek: and knew very well I looked the age I was....so how come? People much younger than me thought I was in their age group....but it was obvious to me I wasn't...

As I said...it is a very very difficult situation and a bit of a dilemma all round....

I am just so glad I'm not in that position personally - because I wouldn't know what to do for the life of me if I was....

I admit to being very thankful I've never been put in a major Moral Dilemma situation yet and hope to goodness I never am...

AdrianC

Indeed. What about all the "bad vibes" in many other houses on the market? Even ignoring those sales for financial reasons short of repo, what percentage of houses for sale are on the market because of divorce, for a start? A friend once looked at a house for sale - only to realise that it was being sold by the remainder of a young family after the father/husband had killed himself...

Dird

AdrianC wrote: »

http://www.rightmove.co.uk/property-for-sale/property-32058305.html
First result for a google search for Rightmove "West Midlands" "Offer Received"

Yes I've mentioned similar properties but he made it suggest it was easy to find like there was a filter like semi-detached or auction. Basically means you have to open every property page to see if it is or not.

When you filter Google to last 7 days then only your comment is found

JencParker

Dird wrote: »

And do the EAs tend to say "repossessed" home or something?
Or is it one of the ones that says "received offer of £120k, get in best offer by July 10th"? I thought this was just an EA trying to gazump :f

They tend to turn of the utilities so no water etc. And the bathroom/kitchen often have 'do not use' tape across the sinks/toilets etc.

It is usually in the description and the latest acceptable offer will be listed with notice that offers over that will still be considered.


Having said that, I don't think they are as common as they used to be because most banks are more tolerant and allow a degree of time if the owner is selling themselves.

marleyboy

The thought would not even cross my mind regarding the finances of a previous owner, albeit might make me wonder about any outstanding debts linked to the property.

I would just see it as a good enough price to buy without concerning myself on the previous owners history.